P.E.I. gas prices drop two cents Wednesday morning

The price of gas has decreased by two cents in today’s regularly scheduled price adjustment.

According to the Island Regulatory and Appeals Commission, pump prices for regular, unleaded gasoline at self-serve outlets now range from 116.6 cpl to 117.8 cpl.

There was no change to the price of diesel, propane, furnace or stove oil.

The mid-month adjustment follows an unscheduled price increase four days ago on Nov. 11 that, at that time, included a 4.5 cent-per-litre hike for the price of gas and 2.5 cpl increases to the price of disel, furnace and stove oil.

In fact, the price of gas has increased three times since Oct. 15, and is now – even with today’s announced decease – roughly10 cents per litre more expensive than it was a month ago.

The previous increases were blamed on an abnormally high demand for gasoline for this time of year, production delays caused by hurricane Harvey and continued escalation of wholesale prices.

Today, the commission says it was able to approve a lower price because of an increase in supply and a moderation of wholesale prices for gasoline.

The commission’s next scheduled price adjustment is slated for Dec. 1.